On Tuesday, it was announced that the new State Inflation Tracker was launched, providing the first-ever estimates on the inflation costs that Americans face in each state. The tracker will work to provide state-by-state data each month regarding inflation.
It was explained that Americans are facing the highest inflation rates in decades, which makes it harder for them to afford everyday goods and items and makes raising families much more expensive. The full analysis for March stated that prices increased 9.9% from January 2021 to March 2022.
This cost the average American household $536 last month alone. With this information, even if prices cease in increasing, the inflation that has already occurred will cost the average American household $6,431 over the next year.
Furthermore, families in the Mountain West, including Nevada, Colorado, Arizona and Utah, among others, are facing the highest inflation rates, with prices in March 11.9% higher than in January 2021. Inflation is imposing the greatest monthly costs in three states, including the Beehive State, at $702. This means that annualized, families are facing inflation costs of $8,429 over the next year in Utah.
Overall in the United States, the inflation costs for March was the highest in transportation and energy, while average food inflation costs were $62 and shelter inflation was $60.
An interactive map with more insights into how rising prices are affecting Americans, depending on where they reside, can be found here.